Bloomberg News

Indonesian Stocks: BW Plantation, Indo Tambangraya, Unilever

January 06, 2012

Jan. 6 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices as of the close in Jakarta.

The Jakarta Composite index slid 0.9 percent to 3,869.42, falling for a second day. The gauge added 1.2 percent this week.

Coal producers: PT Bumi Resources (BUMI IJ), Asia’s biggest thermal-coal exporter, fell 1.1 percent to 2,325 rupiah, the first decline in seven days. PT Indo Tambangraya Megah (ITMG IJ), a unit of Thailand’s largest coal miner, Banpu Pcl, dropped 1.9 percent to 39,100 rupiah.

Crude oil futures slid 1.4 percent in New York yesterday, the first drop in three days. A lower oil price reduces the appeal of alternative fuel such as coal. Crude last traded at $102.35.

PT BW Plantation (BWPT IJ), a palm-oil producer, rose 0.8 percent to 1,200 rupiah. Kontan reported the company plans to spend 700 billion rupiah ($77 million) this year to add 10,000 hectares of plantation land and build a factory with a capacity of 60 tons an hour. A call to the company’s office wasn’t answered.

PT Unilever Indonesia (UNVR IJ), the nation’s biggest detergent maker, retreated 4.2 percent to 19,200 rupiah, the sharpest drop since Sept. 22. Recent gains were deemed excessive, Nico Omer Jonckheere, vice president for research and analysis at PT Valbury Asia Securities, said by telephone. Unilever rose 8.4 percent in the past two days.

--Editors: Chan Tien Hin, Allen Wan

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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